Something Is Terribly Wrong: Markets Spike To All Time Highs...Again
The markets surged higher today, erasing the large downside move from yesterday. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) hit a high of $159.81, taking out the previous all time high of $159.72. While the markets continue to hit all time highs, something is terribly wrong.
The financial stocks cannot catch a bid. As the markets hover at all time highs, the financial stocks retreat. Today alone, JPMorgan Chase & Co. (NYSE:JPM) is trading at $47.91, -0.10 (-0.21%) while markets sit sharply higher. JPMorgan Chase hit its 52 week highs on March 14th, 2013. Since then, the stock is almost down 10%. Other financial stocks like Goldman Sachs Group, Inc. (NYSE:GS) and Bank of America Corp (NYSE:BAC) are the same.
Something seems to be wrong here. The financial stocks are key to leading this move up and they may be telling of a dark cloud brewing over the markets. Be warned.